Cyberattacks and data loss are the top risks for directors and officers, with remote working conditions due to the COVID-19 pandemic heightening concerns over vulnerability, according to a global survey from Willis Towers Watson (WTW) and global law firm Clyde & Co.
The survey covered UK, Europe, APAC and the US, and identified the key risks for directors across the globe with cyber-attacks (56%), data loss (49%), regulatory risk (46%), health and safety risk (41%) and the risk of employment claims (38%) making up the top five risks this year.
The report also found:
- Increased vulnerability to data loss was resulting from business moving to new producers and systems overnight due to the COVID-19 pandemic with remote working creating easier access for cyber criminals;
- Regulatory and litigation risk continued to challenge organisations with board diversity now becoming mandatory to most businesses; and
- Expected concern about insolvency featured considerably lower than in the last survey despite speculation of a potential wave of insolvencies.
James Cooper, chair of the global insurance practice group and head…
